Naira hits new all-time low of 353.75 to dollar, closes up

LAGOS Aug 12 (FxMallam) – The Nigeria’s naira hit an all-time low of 353.75 to the dollar on Friday in one interbank market trade worth $1 million according to a report by Reuters.

Earlier the naira had hit a new all time low of 350.91 prompting another intervention by the Central Bank of Nigeria (CBN). The currency has been hitting new lows since this week.

The currency started the trading day at 317.50 naira to the dollar from about 320/$1 on Thursday. The naira finally settled up to end the trading day at 319.05.

After CBN authorized the sale of of foreign exchange (forex) to bureau de change operators by banks, the naira firmed on Wednesday and Thursday on the parallel market, trading around 392 to the dollar. Reports however show that the Naira closed lower Friday to end the trading week on a slightly sour note.

The CBN authorization allows BDCs to purchase $30,000 per week, to sell on the parallel market at a margin of two percent only.

The $30,000 bought through the interbank window is to be sold to customers need to fund medical travels, personal travel allowance, and tuition for Nigerians schooling abroad with a maximum purchase of just $5000 according to restrictions placed by CBN